New Click here to Attempt NABARD Scholarship Test

    Question

    The power to inspect an authorised person under FEMA

    Act, 1999 rests with______
    A Reserve Bank of India Correct Answer Incorrect Answer
    B Banks authorised by RBI Correct Answer Incorrect Answer
    C Enforcement Derectorate Correct Answer Incorrect Answer
    D CBI Correct Answer Incorrect Answer
    E Central Government Correct Answer Incorrect Answer

    Solution

    A as provided for under s.12 (1) of the FEMA Act, 1999. S.12. Power of Reserve Bank to inspect authorised person.—(1) The Reserve Bank may, at any time, cause an inspection to be made, by any officer of the Reserve Bank specially authorised in writing  by the Reserve Bank in this behalf, of the business of any authorised person as may appear to it to be necessary or expedient for the purpose of— (a) verifying the correctness of any statement, information or particulars furnished to the Reserve  Bank; (b) obtaining any information or particulars which such authorised person has failed to furnish on  being called upon to do so; (c) securing compliance with the provisions of this Act or of any rules, regulations, directions or orders made thereunder.

    Practice Next

    Relevant for Exams: